Saturday, November 8, 2008

Creating Wealth

Written by Grelohi

Research carried out more than two years ago in the United States of America, showed that more than one hundred billionaires were been made yearly. 80% of these billionaires were business owners!

The above statistics simply points to one fact: you can never be truly wealthy working for someone else. The best way to secure your future, is to own a business of your own. Wealth creation starts from the inside of an individual. It is a function of the mind. Whatever you think on your inside will manifest outside. To be a wealth creator, you must have achievable goals and dream big.

Creating a product or service will enhance your wealth creation profile.You may want to ask, where do I start? You must start from with what you have! Never you despise your gift or talent. “A man’s gift will always make a way for him” Five ways of getting Wealthy·

Through InheritanceIt is common for individuals to inherit their parent’s wealth, after their demise. The danger of acquiring this type of wealth however is that such wealth can be spent carelessly, since the individual didn’t labor for it.·

Working for others: One may be lucky to get a job with the federal, state or local government.It may even be a private establishment. The above facts do not however count toward your goal in creating wealth, because you only end up enriching those you are working for.·

Stealing or Cheating PeopleLot’s of lazy folks follow this ignoble path, and end up becoming wealthy. The problem though, is that they never get to enjoy such ill gotten wealth. Any wealth acquired through dubious means only bring sorrow and pain to the individuals who acquired them.·

Invest in Various Business Opportunities: Investment makes money works for you. Your money multiplies when you invest it. You must however put into consideration, what the various returns on investment can give you when making your investment decisions. Before embarking on any business investment, you must consult a professional and update yourself in the area you wish to invest in. If you don’t have a long-term investment strategy in place, you may fall into the money trap. What are the various investment opportunities available to the average entrepreneurs? They are lots of opportunities in the investment world for one to choose from:¨ Global stock¨Government bonds¨Mutual funds¨Common stocks¨Treasury bills¨Oil and Gas¨Housing and real estate¨Gold/SilverInvesting in business opportunities is one of the safest ways of creating wealth.Remember to always monitor your investment.·

Starting Your own profitable business: This is one of the surest ways of creating wealth. You must however find a business to start, by identifying people’s need. Do a little research by finding out those who are already selling similar products or offering the kind of service.Find out why people are buying their product. Find out how much they are selling. After finding out the above facts, you then go ahead to source fund for your business. This can be achieved by
>> Getting loans from friends and relatives
>>Getting loans from banks
>>Personal savings
The issue of the type of business (sole proprietorship, partnership, limited liability), must have been settled before now.
On a final note, you must seek advice before you register your business.

Learn to handle frustration¨ Be passionate about wealth creation
Passion + Profitability=Wealth¨
Handle rejection¨ Be focused and creative¨ Give more than what you expect to receive¨ Continually update yourself with current trend

In closing, I would love to share this thought provoking story.Two friends Visited India on vacation.While there, they saw lots of people walking on bare feet.One said to the other, “See the level of poverty!” But the other saw a shoe factory.He returned home and began designing shoes, and not only established a shoe factory, which made him a multi-millionaire.

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